2026 DFAST: Limited Regulatory Impact but Strong Results; Solid FCNCA Debut

研报英文原文证据摘录

2026 DFAST: Limited Regulatory Impact but Strong Results; Solid FCNCA Debut

TD SECURITIES (USA) LLC SECTOR NOTE

June 24, 2026

■Financials: US Banks - Mid and Small Cap 2026 DFAST: Limited Regulatory Impact but

Strong Results; Solid FCNCA Debut

Janet Lee THE TD COWEN INSIGHT

646 562 1454

2026 DFAST showed that all 32 banks remain sufficiently capitalized in the severely adverse

janet.s.lee@tdsecurities.com

scenario. Given the Fed's decision to maintain existing SCBs, this year's results carry fewer

Billy Young, CFA implications. Within our coverage, FCNCA's inaugural participation showed all projected

646 562 1318 capital ratios remaining above regulatory minimums (while its SCB is fixed at 2.5%), reinforcing

billy.young@tdsecurities.com

its strong capital position.

Bradly D'Alessandro, CFA

646 562 1375 The Fed released its 2026 DFAST stress test results for 32 banks. Notably, as a newly minted

bradly.dalessandro@tdsecurities.com Category IV bank, the 2026 DFAST cycle marks FCNCA's first year of participation, with results

Noah Kasten indicating a minimum CET1 of 6.7%, implying a stress capital buffer (SCB) of ~4.6%, which

646 562 1443 compares to the peer median at 2.5% (for the 18 US large cap banks). While FCNCA's implied

noah.kasten@tdsecurities.com SCB of 4.6% is higher than peers, this was not entirely surprising given its first year DFAST

cycle and the B/S transformation following the SVB acquisition. Importantly, FCNCA's binding

SCB remains fixed at 2.5% for 2026. As previously disclosed, this year's results are less notable

as all participant banks (except FCNCA) will use the prior year's SCB as the Fed plans to unveil

in 2027 new loss-estimation models to determine the SCB moving forward.

All banks pass stress test as expected.